When a house is sold in real estate, it is necessary to transfer ownership. Passing down your property after death or when you want to reward someone, transfer of ownership is necessary. A deed should be prepared, executed and recorded which is known as conveyancing. To transfer your property successfully, this process has to be followed. Below, are guidelines on transferring real estate titles.
To transfer property from one person to another, you need to consider the type of deed that is relevant to you. This is dependent on how much you want to protect the person that you are transferring the property to. To validate a deed, it has to contain some information.
You may consider a general warranty deed or a special warranty deed which ensures that the buyer of the property is protected against the property claims.A quitclaim deed transfers property ownership to one person from many owners. When there is no monetary transaction, a gift deed is the most appropriate. The current owner who is known as a grantor is supposed to fill some forms for any type of deed.When it is a gift deed, the owner of the property is known as a donor, and the grantee is the recipient of the property.
Details of the grantor and grantee should be included in the forms.The physical address of the property that is being transferred should be filled in too. A copy of the title of the property should be attached too. The forms should be filled in accordance with their instructions, to avoid getting challenges.
Additionally, the reasons for transferring the title should be stated. The amount of money involved in the deeds that involve money such as the general warranty deed must be declared. From this amount, tax will be charged. For a gift deed, it is indicated that no consideration is involved, but affection only.
A grantor is supposed to describe the term of the deed. To accomplish this, the documents should have the words of conveyance. These words will be determined by the type of deed that you are preparing. In the presence of a notary, both parties should sign the completed forms.Two witnesses are also required to be present and will sign too of which the notary can be one of the witnesses. For a gift deed, family members should not witness.
Finally, the deed is supposed to be filed at the recorder’s office of your local county. Subsequently, there is a small nominal fee to be paid at the office .